The importance of data security in a Forex CRM and how to ensure it

Being a market that involves millions of people of all nationalities in trading across the world, forex trading has grown constantly in terms of technology and advancement. In order to build fruitful relationships with a large number of traders, the brokers need to personalize their traders' experiences. For this, they would obviously require some strong software, like a  Forex CRM, to store the data. With the use of software to store valuable trading and trader’s data, the threat of spamming and spying would also emerge. As a large number of brokers use CRMs to store their data, cyber security and data protection are big challenges these days.

How can a trader protect his data?

If you are a trader and you don't want your personal and vital information to go public, you need to be selective in terms of the broker and trading platform you want to use. Choose a forex broker who can assure the safety of your data using a bunch of regulations, tools, and other security measures. Always ask these questions before deciding.

• What data does the broker need from you?
• Is the broker going to store your data for the long term?
• Is the broker going to share your data with any other firm? Is it a reliable firm?
• Has the broker taken the required steps to store and protect your data?
• In the event of a breach in the security of your data, who will be responsible?

Once you have satisfactory answers to the above questions, you can go ahead.

What steps should a broker take to protect his client’s data?

In today's age, data can be renamed to new oil or gold, as it has become very precious. There are chances of your trader’s data getting stolen from your platform. That is why installing data security features on your trading platform and CRM becomes vital. This will increase the trust and belief in the traders to work with you for the long term. Here is a guideline for you as a forex broker: make sure your client’s data is safe with you.

• Two-factor authentication in order to ensure an extra level of security with login ids and passwords for traders.
• Follow the GDPR regulations of the respective countries on your platform and earn the trust of your traders.
• Obtain a regulatory license from the valid financial services authority of a particular country. Traders would always prefer a regulated broker over an unregulated broker.

Apart from that, there are certain steps that, if the broker follows them, can protect his valuable Forex CRM System data from any kind of mishandling or breach.

Use a secured infrastructure for your software.

If your CRM is in-house and not cloud-based, you need to protect the infrastructure first in order to protect your data. All your devices, like mobile phones, laptops, etc., should be protected on multiple levels. You can achieve this by installing an effective firewall and reliable antivirus software, regularly updating your operating system,encrypting all your discs, and installing a VPN.

The Forex CRM vendor you choose should be trustworthy.

For a small or medium-sized broker, going with a cloud-based CRM is the best option, as it ensures high levels of data security. Also, the CRM you choose should be able to give you all rights to your data. It should comply with the data security laws of a particular country or government. Third-party-tested security assurance will be an added advantage.

Take a backup of your data.

Though most CRMs ensure the security of both infrastructure and data, taking data backups on a regular basis will never put you in a position to be sorry.

Use strong passwords.

Why should we give hackers a chance by keeping weak passwords? Unique and robust passwords avoid data leaks. Your passwords should contain combinations of lower- and upper-case letters, numerals, and various symbols. Also, it should be more than eight characters. Also promote single sign-on on different devices using employees’ work email ids.

Always monitor your CRM for any suspicious activity.

As the owner of your business, you need to keep an eye on any suspicious log-ins, data manipulations, or other such activities. Also, you can keep regular training sessions regarding cyber security for your employees and practice using access permissions at all stages to avoid any kind of mishandling of data.

So, as you have read all about it, now is the time to give it a try. Just let us know at  www.cloudforexcrm.com or  us at whatsapp and see how our Forex CRM can help you keep your data safe and secure.